Providing a glimmer of hope to the affordable housing sector, rent payments last month reached past 80% year-over-year for the first time since June, according to a new report from MRI Software. The metric did slip a bit in public housing, however.
Rent payments in affordable housing rose to 82%, while public housing collections dropped slightly for the month to 94%, compared to 98% in September. Also boosting hopes, affordable housing occupancy is tightening as move-outs fell by a "substantial" 17%, and move-ins year-over-year came in at 92%.
"In our previous report, we expressed concern about the collection rates in affordable housing," said Brian Zrimsek, industry principal of the prop tech firm, in a prepared statement, "but the recent stats are reassuring,"
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
